Tasmania: Tasmanian Development Act 1983 (Tas)

Tasmanian Development Act 1983 An Act to provide for the balanced economic development of Tasmania and for the establishment and operation of an authority for that purpose, to provide for related matters, and to repeal certain enactments [Royal Assent 20 December 1983] Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows: PART I - Preliminary 1. Short title This Act may be cited as the Tasmanian Development Act 1983 . 2. Commencement (1) This section, sections 1 , 3 , and 16 (3) , and Part I of Schedule 3 shall commence on the day on which this Act receives the royal assent. (2) Except as provided in subsection (1) , this Act shall commence on a date to be fixed by proclamation. 3. Interpretation (1) In this Act, unless the contrary intention appears – annual report means the annual report for TDR prepared under section 29E ; Australian Accounting Standards means Statements of Accounting Standards issued jointly by the National Councils of the Australian Society of Certified Practising Accountants and The Institute of Chartered Accountants in Australia or their successors; Authority means the Tasmanian Development Authority as existing on 30 June 1995; authorized officer means an officer of TDR to whom any of its functions or powers is delegated under section 19 (1) ; Board means Tasmania Development and Resources Board; business undertaking includes the provision of services; chairperson means the chairperson of the Board appointed under section 5 (3) ; chief executive means the chief executive appointed under section 5 (3) ; commencement day means the day fixed under section 2 (2) ; corporate plan means the corporate plan approved under section 15A ; director means a person appointed as a director under section 5 ; financial statements means the financial statements prepared under section 29B and includes the consolidated financial statements prepared in respect of TDR and all its subsidiaries under that section; financial year means a period of 12 months ending on 30 June in any year; functions includes duties; officer of TDR means a person appointed and holding office under section 16 ; Primary Industry Bank means the Australian Resources Development Bank Limited, incorporated in Victoria; public authority means a body corporate that is constituted or established by or under an Act, or appointed by the Governor by or under the authority of an Act, for a public purpose; repealed Act means an Act specified in Schedule 5 or a corresponding former enactment; statement of corporate intent has the meaning given by section 15C ; TDR means Tasmania Development and Resources; TDR Act means an Act administered by TDR under the Administrative Arrangements Act 1990 . (2) In this Act a reference to a subsidiary has the meaning given by the Corporations Act as if TDR were a corporation within the meaning of that Act. PART II - Tasmania Development and Resources Division 1 - Establishment and composition of TDR, &c. 4. Establishment of Tasmania Development and Resources (1) The Tasmanian Development Authority is continued as a body corporate with the corporate name of Tasmania Development and Resources. (2) TDR – (a) has perpetual succession; (b) shall have a common seal; (c) may take proceedings, and be proceeded against, in its corporate name; (d) may do, and be subject to, all other things that a body corporate may by law do and be subject to and that may be necessary for, or incidental to, the purposes of this Act; and (e) has the functions imposed, and the powers conferred, on it by, or under, this or any other Act. (3) The common seal of TDR shall not be affixed to a document except in pursuance of a resolution of TDR and every sealing shall be authenticated by the signature of – (a) 2 directors; or (b) a director and an officer of TDR who is an authorized officer for the purpose of that sealing. (4) All courts, judges, and persons acting judicially shall take judicial notice of the common seal of TDR affixed to a document and, unless the contrary is established, shall presume that it was duly affixed. 5. Board of Directors of TDR (1) The affairs and activities of TDR are to be conducted by a Board of Directors to be known as Tasmania Development and Resources Board. (2) The Board consists of not more than 9 directors including the chairperson. (3) Each of the directors shall be appointed by the Governor on the nomination of the Minister and, by an instrument of appointment under this section – (a) one of the directors shall be appointed as chairperson of the Board; and (b) another of the directors shall be appointed as chief executive. (3A) The Minister must not make a nomination under subsection (3) unless he or she is satisfied that the person nominated has the experience and skills necessary to enable TDR to achieve its objectives. (4) Schedule 1 has effect with respect to the directors. (5) Schedule 2 has effect with respect to the meetings of the Board. 6. Appointment and duties of chief executive (1) The chief executive is, subject to Schedule 1 , to be appointed on such terms and conditions as are specified in the instrument of his or her appointment and may hold that appointment in conjunction with State Service employment. (2) The chief executive is responsible to the Board for the conduct of the affairs and activities of TDR in accordance with – (a) any directions given to him or her by the Board; and (b) in a case where he or she is a delegate of TDR under section 19 (1) , any condition or limitation that is applicable to him or her under that section. (3) The chief executive must, on request by the Board, provide the Board with such information as it may require relating to the affairs and activities of TDR. (4) The appointment or employment of a person as chief executive is not invalid by reason only of a defect or irregularity in relation to the appointment or contract of employment. 6A. Acting chief executive (1) For the purposes of this section, the chief executive is absent if he or she – (a) is absent from duty; or (b) is otherwise unable to perform the functions of the office of chief executive; or (c) has died, resigned or been removed from office and a new chief executive has not been appointed. (2) The Minister may appoint a person who is eligible to be appointed as chief executive to act as chief executive during any or every period during which the chief executive is absent. (3) An appointment is for such term, not exceeding 6 months, as is specified in the instrument of appointment and may be held in conjunction with State Service employment. (4) While a person appointed under subsection (2) is acting as chief executive, that person is taken to be the chief executive. (5) Section 6 (1) applies in relation to the appointment of an acting chief executive as if it were an appointment of a chief executive. Division 2 - Functions, powers, &c., of TDR 7. Policies of TDR It is the duty of TDR, within the limits of its powers, to encourage and promote the balanced economic development of Tasmania, and to ensure that its policies are directed to the greatest advantage of the people of Tasmania and that its powers under this Act or any other Act are exercised in such a manner as, in its opinion, will best contribute to – (a) the stability of business undertakings in Tasmania; (b) the maintenance of maximum employment in Tasmania; and (c) the prosperity and welfare of the people of Tasmania. 8. Functions of TDR (1) TDR has, in addition to the functions conferred on it under any other Act, the following functions: (a) to develop and carry out measures to encourage, monitor and promote employment in the private sector in Tasmania; (b) to develop and carry out measures to promote investment in Tasmania; (c) to promote co-operation between the public and private sectors for the purpose of any such measures; (d) to support and expand existing business undertakings and business opportunities in Tasmania; (e) to conduct research for the purpose of the development or establishment in Tasmania of business undertakings; (f) if so requested by the Treasurer, to disburse on behalf of the Crown – (i) any money payable as relief following a bushfire, drought, earthquake, flood, tempest, or other occurrence causing loss of life or property or injury to persons or property or distress to persons; or (ii) any money payable to the Crown as mentioned in section 10 ; (g) to administer the TDR Acts. (2) Where TDR is responsible under the Administrative Arrangements Act 1990 for the administration of an Act which confers functions or powers on a person or body, the administration of that Act by TDR does not derogate from the functions or powers of that person or body. 9. General powers of TDR (1) For the purposes of this Act, TDR has, in addition to the powers conferred on it under any other Act but subject to any duty arising under section 11 (1) on the Minister giving it a statement of policy objectives, the powers specified in this section. (2) TDR may – (a) acquire, develop, and dispose of land as provided by sections 12 , 13 , and 14 ; (b) subject to subsections (3) and (4) , make a loan of money to any person on such terms and conditions as TDR thinks fit so long as the principal amount of the loan, or, in the case of 2 or more loans to that person, the aggregate of the principal amount of those loans, does not exceed $15 000 000; (c) subject to subsection (5) , make a grant of money for such purpose and on such terms and conditions as the Minister may approve to any person in order to – (i) assist in the development, expansion, or retention of a business undertaking in Tasmania; or (ii) conduct research or experiments for the purpose of the establishment or development of a business undertaking in Tasmania; (d) if it considers it to be of special significance to the development of the Tasmanian economy, acquire, with the approval of the Minister, an interest in a business undertaking at a cost not exceeding $35 000 000; (e) recommend to the Minister that he grant a loan of money as provided by section 35 ; (f) recommend to the Treasurer that he guarantee in accordance with section 36 the repayment of any money lent or agreed to be lent or the performance of any obligation referred to in subsection (1) (b) of that section; (fa) act as agent of the Minister or of the Minister in charge of tourism for the purpose of the performance of his functions under section 37 (3) (a) ; (g) make arrangements for the purpose of facilitating the establishment of co-operative organizations of persons engaged in any business undertaking; (h) represent, or appoint a person to represent, TDR on the governing body of any organization of persons engaged in any business undertaking that is a business undertaking to which assistance under this Act is granted or is proposed to be granted; (i) provide advice and technical assistance to any person in connection with a business undertaking; (j) may act as agent for any person in connection with a business undertaking that is, or is proposed to be, carried on in Tasmania or elsewhere; (k) may make a charge for any of its services provided under this Act; and (l) may do any other act, matter, or thing as may be necessary or expedient for the performance of its functions under this or any other Act. (3) A loan of money shall not be made to a person under subsection (2) (b) if the effect of making the loan would be that the total of the amounts borrowed by that person at that time exceeds 80 per cent of the value of the total available security. (4) Notwithstanding subsection (3) , TDR may, in any case where it is satisfied that there are special reasons for doing so – (a) make a loan to a person with or without security and with or without interest so long as the principal amount of the loan or, in the case of 2 or more loans under this subsection, the aggregate of those loans does not exceed $500 000; and (b) may, with the approval of the Minister, discharge any person from any liability not exceeding $50 000 arising from any loan to that person under this section. (5) For the purpose of subsection (2) (c) – (a) where the amount of the grant is not more than $500 000, the grant shall be for such purpose and on such terms and conditions as the Minister may approve; and (b) where the amount of the grant is more than $500 000, the grant shall be for such purpose and on such terms and conditions as the Treasurer and the Minister may approve. (6) The Governor may, by order, amend a provision of this section by omitting a reference to an amount specified in that provision and substituting a reference to some other amount specified in the order. (7) An amendment made, by the Tasmanian Development Amendment Act 2024, to an amount specified in a provision of this section does not prevent that amount, or any other amount, from being amended or further amended by an order made in accordance with subsection (6) . 10. Disbursement of Commonwealth money Where any money is payable to the Crown pursuant to an agreement between the Commonwealth and the State, the Governor may, by order, authorize TDR to disburse, in accordance with the agreement and any directions specified in the order, any money paid to the Crown pursuant to that agreement. 11. Duty to comply with statement of policy objectives (1) The Minister may, from time to time, give to TDR a statement in writing specifying the policy objectives of the Government of Tasmania with respect to any matter relating to the powers, duties, affairs, or activities of TDR and, on being given such a statement, it is the duty of TDR to exercise its powers, to perform its duties, and to conduct its affairs and activities in a manner that is consistent with the objectives specified in the statement. (2) The Minister may, by notice in writing given to TDR, vary or revoke a statement of policy objectives given under subsection (1) and such a notice shall have effect according to its tenor. (3) The fact that the Minister has power to give a statement of policy objectives to TDR under subsection (1) or gives such a statement to TDR does not have the effect of – (a) making TDR the servant or agent of the Crown for the purposes of this or any other Act; or (b) conferring on TDR any status, privilege, or immunity of the Crown. 12. Acquisition of land for business undertakings (1) TDR may, with the approval of the Minister, acquire land for the purpose of a business undertaking or for the purpose of establishing, developing, or expanding business undertakings generally. (2) Any land acquired under this section may be subsequently leased or sold in accordance with section 14 . 13. Development of land acquired TDR may, with the approval of the Minister, carry out, or arrange for the carrying out of, the development of any land acquired under section 12 in such manner as it may determine. 14. Disposal of land purchased for new industries (1) TDR may, with the approval of the Minister, dispose of any land acquired under section 12 to a person who has an interest in a business undertaking – (a) by granting a lease of the land for such term as TDR thinks fit, and containing such terms and conditions as it thinks fit; or (b) by selling the land on such terms and conditions as it thinks fit. (2) Any land that is leased to a person in accordance with subsection (1) (a) may be sold subsequently to that person or his assigns in accordance with subsection (1) (b) . 15. Power of TDR to engage consultants, &c. TDR may, for the purposes of performing its functions or exercising its powers under this Act – (a) engage such consultants and other independent contractors as it deems fit; and (b) obtain assistance, information, and advice from any person. 15A. Corporate plan (1) In each financial year, the Board must prepare a corporate plan for TDR and its subsidiaries. (2) The corporate plan is to – (a) cover a period of not less than 3 financial years commencing on the day when it takes effect; and (b) contain a summary of the projected financial results of TDR and each of its subsidiaries in respect of the current financial year and each financial year covered by the plan; and (c) contain a summary of the financial results of TDR and each of its subsidiaries in respect of the financial year immediately preceding the current financial year; and (d) contain a statement of corporate intent; and (e) be in such form and contain such information as the Minister specifies. (3) The Board must provide a draft of the corporate plan to the Minister and the Treasurer not later than 90 days before the day on which the corporate plan will take effect. (4) When a draft corporate plan is approved by the Minister it becomes the corporate plan of TDR. (5) The Minister must approve a corporate plan, prepared in accordance with this section and section 15B , by not later than 30 days before the day on which the corporate plan will take effect. (6) A corporate plan takes effect on the first day of the financial year next commencing after its approval by the Minister or such other time as the Minister may approve. (7) TDR may prepare an amendment of its corporate plan at any time. (8) An amendment of a corporate plan takes effect when it is approved by the Minister. (9) The Board must provide a copy of its corporate plan and an amended corporate plan to the Treasurer within 14 days after the Board has been notified of its approval by the Minister. (10) Except where the Minister otherwise approves, TDR must act in accordance with its corporate plan or amended corporate plan and ensure that a subsidiary acts in accordance with that corporate plan or amended corporate plan. 15B. Consultation with Minister (1) In the course of preparing a draft corporate plan, the Board must consult with the Minister in relation to the interests of the State as a whole and the long term objectives of TDR and its subsidiaries. (2) The Minister may give a direction to the Board in relation to a long term objective of TDR and its subsidiaries. (3) Subject to subsection (4) , the Board must comply with a direction if it is in writing and signed by the Minister. (4) A direction has no effect in respect of a contract entered into by TDR before the direction was given if compliance with the direction would result in TDR failing to perform the contract. 15C. Statement of corporate intent (1) The statement of corporate intent of TDR is a summary of its corporate plan. (2) The statement of corporate intent of TDR must not disclose any information which the Minister considers may, if disclosed – (a) disadvantage or cause damage to TDR, directly or indirectly; or (b) enable another person, directly or indirectly, to gain an advantage. (3) The statement of corporate intent is to be in a form and contain the information specified by the Minister. 15D. Strategic and operating plans (1) The strategic plan of the Authority in force immediately before the commencement of the Tasmanian Development Amendment Act 1995 together with its operating plan in force immediately before that day is taken to be a corporate plan of TDR that takes effect on that commencement. (2) TDR must prepare a statement of corporate intent in respect of the corporate plan referred to in subsection (1) in sufficient time to enable it to be included in the annual report in respect of the financial year ending on 30 June 1995. (3) In subsection (1) , operating plan and strategic plan have the same meanings as in the State Authorities Financial Management Act 1990 as in force immediately before 1 July 1995. 15E. Validity of actions, &c. Anything done by, or in relation to, TDR is not void or unenforceable only because TDR has contravened this Part. Division 3 - Officers, &c., of TDR 16. Officers Subject to and in accordance with the State Service Act 2000 , persons may be appointed or employed for the purpose of enabling TDR to perform its functions or exercise its powers. 17. . . . . . . . . 18. . . . . . . . . 19. Delegation of functions, &c., by TDR (1) TDR may, with the approval of the Minister, and by instrument in writing, delegate to a director or an officer or committee of TDR the performance or exercise of such of its functions and powers (other than this power of delegation) under this or any other Act as are specified in the instrument, and may, by a further instrument in writing, revoke wholly or in part any such delegation. (2) A function or power, the performance or exercise of which has been delegated under this section, may, while the delegation remains unrevoked, be performed or exercised from time to time in accordance with the terms of the delegation. (3) A delegation under this section may be made subject to such conditions or limitations as to the performance or exercise of any of the functions or powers delegated, or as to time or circumstance, as are specified in the instrument of delegation. (4) Notwithstanding any delegation under this section, TDR may continue to perform or exercise all or any of the functions or powers delegated. (5) Any act or thing done by or to a director or an officer or committee of TDR while acting in the exercise of a delegation under this section shall have the same force and effect as if the act or thing had been done by, or to, TDR and shall be deemed to have been done by, or to, TDR. (6) An instrument purporting to be executed by the delegate as such is to be received in evidence in all courts and before all persons acting judicially as if it were an instrument executed by TDR and, until the contrary is proved, is taken to be an instrument executed by the delegate under this section. (7) Where the performance of a function or the exercise of a power by TDR is dependant on the opinion or belief of TDR, a delegate of TDR under this section may, in performing that function or exercising that power, act on his own opinion or belief. 20. Register of delegations (1) TDR shall keep a register showing particulars of any delegation made under section 19 (1) . (2) A register kept by TDR pursuant to subsection (1) shall be open for inspection by any member of the public without charge. Division 4 - Finances of TDR 21. Accounts, funds, &c., of TDR (1) The Treasurer is to establish in the Public Account such accounts as may from time to time be required by TDR. (2) TDR may open and operate authorised deposit-taking institution accounts as it considers necessary. (3) The funds of TDR shall be paid to the credit of the accounts referred to in this section and shall consist of– (a) any money appropriated by Parliament for the purposes of TDR; (b) all money borrowed by TDR under this Act; (c) any money that immediately before the commencement day was in such trust accounts established in the Treasury as the Minister, with the consent of the Treasurer, may approve for the purposes of this paragraph; (d) any money appropriated by Parliament for a purpose arising from, or incidental to, a repealed Act or an Act that, after the commencement day, is administered by TDR, if that money was not applied for that purpose before that day; and (e) all other money received from any source by TDR. 22. Capital expenditure of TDR (1) TDR shall meet any capital expenditure from – (a) money appropriated by Parliament from the Public Account for the purpose; (b) money borrowed by TDR under section 24 ; or (c) money received by TDR pursuant to an order under section 10 . (2) For the purposes of subsection (1) , a loan of money made by TDR under section 9 (2) (b) shall be treated as capital expenditure. (3) Where TDR receives an amount by way of repayment of a loan made from money appropriated by Parliament for the purpose, TDR shall repay that amount to the Public Account in accordance with any directions given by the Treasurer. 23. Recurrent expenditure of TDR and payment of certain income to Public Account (1) TDR shall pay, from money appropriated by Parliament from the Public Account for the purpose– (a) the administration and operating expenses of TDR; (b) any grant of money made under section 9 (2) (c) ; (c) on and after 1st July 1984, any interest required to be paid in respect of a loan to TDR under section 24 or 26 ; (d) any grant of money made, or subsidy paid, under any other Act; and (e) any other cost of a recurrent nature incurred by TDR. (2) Where TDR derives any income from any money appropriated for its use by Parliament or borrowed under section 24 , TDR shall, unless the Treasurer otherwise directs, pay the amount of that income to the Public Account. (3) Subsection (2) does not apply to income from money advanced for the purposes of the Rural Adjustment Act 1995 . 24. TDR's power to borrow (1) TDR may, with the consent of the Treasurer but subject to this section, borrow money for the purposes of this Act, the Farm Water Development Act 1985 , the King and Flinders Islands (Power) Financial Assistance 1984 , the Closer Settlement Act 1957 or the Rural Adjustment Act 1995 . (1A) Money borrowed under subsection (1) is to be borrowed on authorised deposit-taking institution overdraft or in such other manner as the Treasurer may approve. (2) Without limiting its powers under subsection (1) , TDR may, for the purposes of this Act, borrow money with the consent of the Treasurer from the Primary Industry Bank subject to such terms or conditions as may be agreed in writing between TDR and that Bank, including terms or conditions requiring TDR to make to that Bank loans or deposits of such amounts as may be determined by reference to the agreement. (3) . . . . . . . . 25. . . . . . . . . 26. State loans to TDR Where the performance of any of its functions or the exercise of any of its powers under this or any other Act involves capital expenditure, the Treasurer may make a loan of money from the Public Account to TDR for the purpose of performing that function or exercising that power and any such loan by the Treasurer shall be on such terms as to repayment, payment of interest, and otherwise, as the Treasurer may determine. 27. Temporary investment of TDR's funds TDR may invest any money that it is holding and for which it has no immediate use in any of the ways authorized by the Trustee Act 1898 for the investment of trust funds. 28. . . . . . . . . 29. Capital contribution by Treasurer (1) The Treasurer may pay an amount to TDR as a contribution to its reserves out of money provided by Parliament for the purpose. (2) An amount paid under subsection (1) is not a borrowing and is not subject to the payment of interest. Division 4A - Accounting records, financial statements and reports 29A. Accounting records (1) The Board must – (a) keep such accounting records as correctly record and explain its transactions (including any transactions as trustee) and financial position; and (b) keep those records in a manner that – (i) allows true and fair accounts of TDR to be prepared from time to time; and (ii) allows its accounts to be conveniently and properly audited or reviewed; and (iii) subject to any contrary written direction given by the Minister to the Board, complies with Australian Accounting Standards; and (iv) complies with any written directions given by the Minister to the Board. (2) The Minister may, after consultation with the Treasurer, give written directions to the Board for the purposes of keeping records under subsection (1) . 29B. Financial statements (1) The Board is to prepare and forward to the Auditor-General a copy of its financial statements for each financial year in accordance with the Audit Act 2008 . (2) Financial statements in respect of a financial year are to include any other financial information required to be included by a direction given under subsection (4) . (3) The financial statements must – (a) comply with any directions given under subsection (4) ; and (b) subject to such a direction, comply with Australian Accounting Standards; and (c) be signed or certified as specified in such a direction. (4) The Minister may, after consultation with the Treasurer, give written directions to the Board with respect to the form and contents of the financial statements as he or she considers appropriate. 29C. . . . . . . . . 29D. . . . . . . . . 29E. Annual report (1) The Board must prepare for TDR an annual report for each financial year. (2) The annual report is to include the following information and documents: (a) the statement of corporate intent which relates to the corporate plan that takes effect at the beginning of the next financial year; (b) the financial statements of TDR for the financial year to which the annual report relates; (c) a copy of the opinion of the Auditor-General in respect of the financial statements received under section 19 of the Audit Act 2008 ; (d) a report on the performance of TDR during the financial year to which the annual report relates compared with the performance indicators specified in the corporate plan; (e) a report on the operations of TDR during the financial year to which the annual report relates; (f) . . . . . . . . (g) the details of any direction given under section 15B ; (h) any information relating to the directors, chief executive and employees required by the Minister by written notice provided to the Board to be included; (i) any other information that the Minister by written notice provided to the Board requires to be included; (j) any other information that the Board considers is appropriate or necessary to properly inform the Minister and Parliament as to the performance and progress of TDR during the financial year to which the annual report relates; (k) a summary, by reference to categories, of all loans and grants of money made by TDR, and all guarantees given by the Treasurer on the recommendation of TDR, in respect of the financial year to which the annual report relates; (l) particulars of each grant or loan of money made by TDR as the agent of the Minister for the purposes of compliance by the Minister with section 37 (3) (a) ; (m) a copy of any statement of policy objectives given to TDR under section 11 (1) that was in force for the whole or part of the financial year to which the annual report relates. (3) For the purposes of subsection (2) (a) , next financial year means the financial year immediately following the financial year in respect of which the annual report is prepared. (4) The Board must provide the annual report to the Minister and the Auditor-General. (5) Section 36 of the State Service Act 2000 does not apply in respect of TDR. 29F. Tabling of annual report (1) The Minister must cause a copy of the annual report to be laid before each House of Parliament within 4 months after the end of the financial year to which the annual report relates. (2) Where the Minister is unable to comply with subsection (1) for any reason other than that a House of Parliament is not sitting at the expiration of the period specified in that subsection, he or she must, before the expiration of that period, cause to be laid before each House of Parliament a statement specifying the reasons for the failure to comply with that subsection and an estimate of the day by which a copy of the annual report will be ready to be laid before each House of Parliament. (3) Where the Minister is unable to cause a copy of the annual report to be laid before a House of Parliament within the period specified in subsection (1) or by the day specified in a statement referred to in subsection (2) because either House of Parliament is not sitting at the expiration of that period or on that day, the Minister must – (a) immediately after the expiration of that period or that day, forward a copy of the annual report to the Clerk of that House of Parliament; and (b) within the next 7 sitting days of that House, cause the annual report to be laid before that House. 29G. Quarterly reports (1) The Board must prepare a report on the operations of TDR for each of the first 3 quarters of a financial year. (2) A quarterly report is to be provided to the Minister and the Treasurer – (a) within 30 days after the end of the quarter; or (b) if another period after the end of the quarter is agreed between the Board and the Minister, within the agreed period. (3) A quarterly report must include the information required to be given in the report by the Minister by written notice provided to the Board. 29H. Minister may require information (1) The Minister, at his or her discretion or on the request of the Treasurer, may require the Board to provide to the Minister specified in the requirement, information relating to the affairs, or the performance and exercise of the functions and powers, of TDR. (2) The Board must comply with a requirement made under subsection (1) . 29I. Directions, &c., given by Minister (1) A direction given by the Minister under this Division may adopt either wholly or partly and with or without modification, and either specifically or by reference, any Treasurer's Instructions, within the meaning of the Government Business Enterprises Act 1995 , whenever issued. (2) The Board must comply with a direction given to it by the Minister under this Division. 30. . . . . . . . . Division 5 - Advisory committees of TDR 31. Power of TDR to establish advisory committees (1) TDR may establish advisory committees under such names as it may specify, for the purpose of advising or assisting it with respect to any matter relating to the performance of its functions or the exercise of its powers under this or any other Act. (2) An advisory committee established under subsection (1) shall comprise such number of persons, holding such qualifications (if any), as TDR may determine. (3) Each member of an advisory committee, other than a State Service officer or State Service employee, is entitled to receive such remuneration and allowances as may be determined by TDR. (4) The holding of office as a member of an advisory committee shall be deemed not to be the holding of an office of profit or emolument within the meaning of section 32 of the Constitution Act 1934 . (5) Meetings of an advisory committee shall be held in accordance with such directions as may be given by TDR. (6) An advisory committee may obtain assistance, information, and advice from any person. (7) Except as provided by this section, an advisory committee may regulate its own procedure. Division 6 - Appointment and powers of administrator 32. Appointment and powers of administrator (1) The Governor may, by order, appoint an administrator to administer the affairs and activities of TDR if the Minister certifies in writing that – (a) TDR has failed to perform a duty arising from a statement of policy objectives given to it under section 11 (1) ; or (b) it is in the public interest for an administrator to be appointed to wind up the affairs and activities of TDR. (2) A State Service officer or State Service employee may, subject to the State Service Act 2000 , hold office as administrator of TDR in conjunction with State Service employment. (3) On the appointment of an administrator under subsection (1) , the Minister shall serve on TDR a copy of the instrument of the appointment and on the service of the copy of that instrument – (a) the functions of TDR shall be performed, and the powers of TDR may be exercised, by the administrator in the name and on behalf of TDR until his office is vacated under this section; (b) the directors shall cease to hold office; (c) the administrator shall assume, and be responsible for, the management of TDR; and (d) any delegation made by TDR under section 19 (1) shall cease to have effect. (4) Subject to this section, an administrator appointed under this section – (a) shall, as soon as practicable after his appointment as such, take into his custody or under his control all the property and things in action to which TDR is, or appears to be, entitled; and (b) shall, subject to and in accordance with any direction given to him by the Minister, perform the functions and exercise the powers of TDR in such manner as the administrator thinks fit. (5) An administrator of TDR shall be deemed to have vacated his office – (a) when he dies; (b) if he becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his creditors, or makes an assignment of his remuneration or estate for their benefit; (c) if he is convicted in Tasmania of a crime or an offence which is punishable by imprisonment for a period of not less than 12 months, or if he is convicted elsewhere than in Tasmania of an offence which, if committed in Tasmania, would be a crime or an offence so punishable; (d) if he resigns his office by writing under his hand addressed to the Governor; or (e) if his appointment is revoked by the Governor under subsection (6) . (6) The Governor may revoke the appointment of an administrator appointed under this section. (7) Where the office of administrator is deemed to have been vacated under subsection (5) , the Governor may, by instrument in writing, appoint another person to fill the vacancy. (8) An administrator appointed under this section shall be paid such remuneration, allowances, and expenses (if any) as the Governor may determine. (9) Notwithstanding subsection (8) , where a State Service officer or State Service employee is appointed as administrator under this section, he is entitled to receive, by way of remuneration, allowances, and expenses, such amounts (if any) as the Governor, on the recommendation of the Minister administering the State Service Act 2000 , may determine. 33. Expenses of administration (1) The expenses of and incidental to the administration of the affairs and activities of TDR by an administrator appointed under section 32 are payable by TDR. (2) The remuneration, allowances and expenses of an administrator of TDR who is not a State Service officer or State Service employee is an expense referred to in subsection (1) . (3) Where an administrator of TDR is a State Service officer or State Service employee, the reimbursement to the Crown of an amount certified by the Minister administering the State Service Act 2000 in respect of the remuneration, allowances, and expenses of that officer or employee is an expense referred to in subsection (1) . 34. Liability for losses incurred during administration An administrator of TDR is not liable for any loss incurred by TDR during his term of office unless the loss was attributable to – (a) his wilful misconduct; (b) his gross negligence; or (c) his wilful failure to comply with any provision of this Act. PART III - State Assistance to Business Undertakings 35. Loans by Minister (1) Where, on an application for a loan under section 9 (2) (b) , TDR is of opinion that the grant of the loan would not be in accordance with the powers conferred by that section but that the grant of a loan would assist in the development, expansion, or retention of a business undertaking, TDR may recommend to the Minister that he grant a loan of money under this section. (2) On making a recommendation under subsection (1) TDR shall refer the application for the loan to the Minister and shall provide the Minister with such additional information as it thinks fit. (3) Where TDR makes a recommendation under subsection (1) that a loan of money be granted to a person, the Minister may, with the approval of the Treasurer and for the purposes of this Act, make a loan of money to that person, with or without security and on such terms and conditions as the Minister thinks fit. (4) For the purposes of this section – (a) TDR shall provide the Minister with such information as he may request; and (b) the Minister may direct TDR to carry out such investigations, and to make recommendations to him on such questions, as he may determine. (5) TDR shall comply with a direction given to it by the Minister under subsection (4) (b) . 36. Power of Treasurer to give guarantees (1) Where the Treasurer is of the opinion that it will assist the development, expansion, or retention of a business undertaking to do so, the Treasurer may, on behalf of the State but subject to this section, guarantee – (a) the repayment of money lent, or agreed to be lent, to a person; and (b) the performance by a person of any obligation arising from, or in any way incidental to, assistance provided or to be provided, whether under this Act or not, for the purpose of a business undertaking. (2) The power of the Treasurer under subsection (1) to guarantee the repayment of money lent or agreed to be lent includes a power to guarantee the payment to the lender of interest and other charges payable by the borrower in respect of that money. (3) A guarantee under subsection (1) shall, subject to subsection (4) , be given only – (a) on the recommendation of TDR and with the approval of the Minister; (b) on such terms and conditions as the Treasurer may determine; and (c) by instrument in writing. (4) If the Treasurer is satisfied that urgent assistance is required for the retention of a business undertaking in Tasmania, the Treasurer may give a guarantee under subsection (1) without the recommendation of TDR or the approval of the Minister. (5) A guarantee under this section operates so as to guarantee – (a) the repayment of money lent, or agreed to be lent, to the borrower; (b) the payment of interest and other charges in respect of that money; and (c) any liability arising from a failure to perform an obligation mentioned in subsection (1) (b) – only to the extent that the aggregate of those amounts and any such liability does not exceed $2 000 000. (6) Before a guarantee is given under this section, the borrower shall, if the Treasurer so requires, give to the Treasurer such security as he may specify and shall execute such instruments as may be necessary for the purpose. (7) A guarantee under this section – (a) may, subject to subsection (8) , be given to a person notwithstanding that another such guarantee to that person has been given or is in force; and (b) on the recommendation of TDR and with the consent of the person whose loan to the borrower is guaranteed, may be varied or revoked by the Treasurer. (8) If 2 or more guarantees to a person are in force under this section, the second or any subsequent guarantee operates so as to guarantee – (a) the repayment of money lent, or agreed to be lent, to that person; (b) the payment of interest and other charges in respect of that money; and (c) any liability arising from a failure to perform an obligation mentioned in subsection (1) (b) – only so long as the aggregate amount of the liability incurred by the Treasurer under this section in respect of all those guarantees does not exceed $2 000 000. (9) The amount of any liability incurred under a guarantee given under this section shall be a charge on the Public Account and shall be payable out of the Public Account without further appropriation than this section. 37. Powers of Governor as to loans, grants, and guarantees (1) Where the Governor is satisfied, on the recommendation of the Treasurer and the Minister, that the development, expansion, or retention of a business undertaking by any person or the proposed activities of a public authority will be of special significance to the economic development of the State, the Governor may direct that a loan or grant of money or a guarantee shall be given to that person or public authority under this Part. (2) . . . . . . . . (3) On a direction by the Governor under subsection (1) – (a) the Minister shall make a grant or loan of money on such terms and conditions as the Governor may direct; or (b) the Treasurer shall, by instrument in writing, give a guarantee on such terms and conditions as the Governor may direct. (4) The provisions of section 36 (2) , (6) , and (9) apply to, and in relation to, a guarantee given by the Treasurer under subsection (3) (b) and any such guarantee – (a) may be given to a person notwithstanding that another guarantee under this Part to that person has been given or is in force; and (b) with the consent of the person whose loan to the borrower is guaranteed, may be varied or revoked by the Treasurer. (5) . . . . . . . . 37A. Funding of grants and loans under this Part (1) A grant or loan of money under this Part may be paid from – (a) money appropriated by Parliament for the purpose; or (b) the funds of TDR, as determined by the Treasurer. (2) For the avoidance of doubt, the funding of a grant or loan under this Part is a purpose for which TDR may borrow money under section 24 . (3) A grant or loan that was granted or made, under this Part, before the commencement of the Tasmanian Development Amendment Act 2024 is not invalid solely on the basis that it was paid from – (a) the funds of TDR; or (b) money appropriated by Parliament for the purpose. PART IV - Miscellaneous and Supplemental 38. Power of Minister to convene and attend meetings (1) The Minister may cause to be convened a special meeting of the Board, and may – (a) attend special and ordinary meetings of, and confer with, the Board; and (b) at any meeting at which he is present obtain any information which he may require upon any matter relating to the activities and affairs of TDR or any advisory committee established under section 31 . (2) The Minister may report to the Governor, or to Parliament, any information arising from any meeting of the Board or obtained by him under subsection (1) . 38A. Delegation by Minister The Minister may delegate, in writing, any of the administrative or managerial functions, or powers, of the Minister under this Act, other than this power of delegation. 39. Duty of TDR to report to Minister on operation of certain laws, &c. In the administration of this Act it is the duty of TDR to advise and report to the Minister as it may think fit on the operation and administration of the law to persons, or any class of persons, engaged in any business undertaking in Tasmania and to make such recommendations as to the amendment of the law or changes in administrative procedures as it thinks necessary or desirable. 40. Indemnity for directors and officers Except as provided in this Part, a director or officer of TDR shall not incur any personal liability in respect of any act, matter, or thing done, or omitted to be done, in good faith in the execution or purported execution of the provisions of this Act. 41. . . . . . . . . 42. Disclosure of interests in contracts, grants, &c. (1) Subject to this section, a director who is in any way whether directly or indirectly, interested in a contract, grant, or recommendation made, or proposed to be made, by TDR under this or any other Act shall, as soon as practicable after the relevant facts have come to his knowledge, declare the nature of his interest at a meeting of the Board. (2) Subject to this section, an authorized officer who is in any way, whether directly or indirectly, interested in a contract, grant, or recommendation made, or proposed to be made, by TDR under this or any other Act shall, as soon as practicable after – (a) his appointment as an authorized officer; or (b) the relevant facts have come to his knowledge – as the case may require, provide the Board of TDR with a statement in writing giving full particulars of that interest and shall not perform any duties, or continue to perform any duties, in respect of the contract, grant, or guarantee. (3) Subject to this section, an administrator who is in any way, whether directly or indirectly, interested in a contract, grant, or recommendation made by TDR under this or any other Act or any such contract, grant, or recommendation proposed to be made by the administrator shall, as soon as practicable after – (a) his appointment as administrator; or (b) the relevant facts have come to his knowledge – as the case may require, provide the Minister with a statement in writing giving full particulars of that interest. (4) The requirements of this section do not apply in any case where the interest of a director, administrator, or authorized officer consists only of being a member or creditor of a company that is interested in a contract, grant, or recommendation referred to in this section if the interest of the director, administrator, or authorized officer may properly be regarded as not being a material interest. (5) A disclosure by a director under subsection (1) shall be recorded in the minutes of the Board. (6) A director who discloses an interest under this section shall not be present during any deliberation of the Board with respect to that matter. (7) A director, authorized officer, or administrator who contravenes, or fails to comply with, subsection (1) , (2) , or (3) is guilty of an offence and is liable on summary conviction to a penalty not exceeding 10 penalty units or imprisonment for a period not exceeding 3 months, or both. 43. Loans to directors, &c. (1) TDR shall not, whether directly or indirectly, make a loan to – (a) a director or the spouse or partner of a director; or (b) a company, where a director or the spouse or partner of a director has, or both of them have, a direct or indirect beneficial interest in shares in the company, the nominal value of which is not less than 10 per cent of the nominal value of the issued share capital of the company. (2) In this section, partner means the person with whom a director is in a personal relationship, within the meaning of the Relationships Act 2003 . 44. Register of directors' shareholdings, &c. (1) TDR shall keep a register showing, with respect to each director and authorized officer, particulars of – (a) shares in any company in which the director or authorized officer has any interest; and (b) any other interest in a company that is held by the director or authorized officer – and the nature and extent of any such interest. (2) A register kept by TDR pursuant to subsection (1) shall be open for inspection by any member of the public without charge. 45. Requirement for secrecy (1) A director, administrator, or officer of TDR who, in the course of the administration of this Act, obtains any information as to a process, technique, practice, plan, invention, specification, prototype, or design shall maintain and aid in maintaining the secrecy of that information except for the purposes of the administration of this Act. (2) A director, administrator, or officer of TDR who contravenes subsection (1) is guilty of an offence and is liable on summary conviction to a penalty not exceeding 10 penalty units or imprisonment for a period not exceeding 3 months, or both. 46. Time for bringing proceedings Notwithstanding section 26 of the Justices Act 1959 , proceedings for an offence against this Act may commence at any time within a period of 2 years after the time when the offence is alleged to have been committed. 47. Exemptions in respect of certain executed documents (1) In subsection (2) , prescribed industry means an industry declared pursuant to subsection (3) to be an industry to which this section applies. (2) Notwithstanding the Stamp Duties Act 1931 , the Land Titles Act 1980 , and the Registration of Deeds Act 1935 , a document executed to secure a loan made under this Act for the purpose of a prescribed industry or to release any such loan is not liable to any, filing fees, or registration fees. (3) The Minister may, with the approval of the Treasurer and by order published in the Gazette, declare that an industry specified in the order shall be an industry to which this section applies. 48. Regulations (1) The Governor may make regulations for the purposes of this Act. (2) Without limiting the generality of subsection (1) , the regulations may make provision for, or with respect to – (a) the duties of the directors, an administrator, and the officers of TDR; (b) the issue of debentures and inscribed stock under section 24 (1) and the rights and duties of the holders of any such debentures or inscribed stock; and (c) subject to Schedule 4 , matters of a transitional or savings nature consequent on the enactment of this Act or any amending Act, including the procedure to be followed by TDR in registering a mortgage under clause 8 of Part II of Schedule 4 . (3) The regulations referred to in subsection (2) (a) may provide – (a) that it is an offence, punishable on summary conviction, for a person to contravene, or fail to comply with, any of the regulations and may provide in respect of any such offence for the imposition of a penalty not exceeding 100 penalty units or imprisonment for a period not exceeding 2 years, or both; and (b) for the recovery by TDR of – (i) any profit gained by any person; or (ii) compensation in case of any loss or damage suffered by TDR – as a result of a contravention or failure to comply with the regulations. (4) The regulations, other than those referred to in subsection (2) (a) , may provide that it is an offence, punishable on summary conviction, for a person to contravene, or fail to comply with, any of the regulations and may provide in respect of any such offence for the imposition of a penalty not exceeding 10 penalty units or imprisonment for a period not exceeding 3 months, or both. (5) Regulations under this section – (a) may be made subject to such conditions, or be made so as to apply differently according to such factors, as may be specified in the regulations, or according to such limitations or restrictions, whether as to time or circumstance or otherwise, as may be so specified; (b) may take effect on the commencement day or on a later day; and (c) if they are made under subsection (2) (c) , may have effect notwithstanding the Personal Property Securities Act 2009 of the Commonwealth, and the provisions of the State Advances Act 1935 continued in force by virtue of clause 3 of Part II of Schedule 4 . 49. Dissolution of Agricultural Bank and certain boards, repeals, &c. (1AA) In this section, transitional functions means any function, power or right of TDR arising from the transitional and savings provisions specified in Schedule 4 . (1) On the commencement day – (a) the Agricultural Bank of Tasmania and the Board of Management of the Agricultural Bank of Tasmania are dissolved; (b) the Closer Settlement Board and the Rural Reconstruction Board are dissolved; (c) the transitional and savings provisions specified in Schedule 4 have effect; and (d) the Acts specified in Schedule 5 are repealed. (1A) For the purposes of exercising any transitional functions of TDR on or after 1 July 1995, references in Schedule 4 to "the Authority" are taken to be references to TDR. (2) A person who ceases to hold an appointment by reason of subsection (1) is not entitled to be paid any remuneration or compensation by reason of his ceasing to hold that office. (3) Except to the extent that a provision of this Act is inconsistent with a provision of section 16 of the Acts Interpretation Act 1931 , that section shall apply to, and in relation to, an Act repealed by subsection (1) (d) . SCHEDULE 1 - Provisions with Respect to Directors Section 5 (4) 1. Term of office of directors (1) Except in the case of the chief executive, a director shall be appointed for such term, not exceeding 5 years, as is specified in the instrument of his appointment and shall, if otherwise qualified, be eligible for re-appointment from time to time for such term, not exceeding 5 years, as may be specified in the instrument of his re-appointment. (2) . . . . . . . . 2. Remuneration of directors A director shall be paid such remuneration and allowances as the Governor may determine. 3. State Service Act 2000 not to apply The provisions of the State Service Act 2000 do not apply to, or in respect of, the appointment of a director and a director shall not, in his capacity as such, be subject to the provisions of that Act during his term of office. 4. Appointment of alternate directors to act during absence of director (1) Where a director is out of Tasmania or unable to perform the duties of his office by reason of illness or for any other reason that the Minister deems sufficient, the Governor may appoint an alternate director to act in his place in accordance with this clause. (2) For the purposes of this clause – (a) the Governor may appoint any person (including a director other than the chairperson) to act in the office of the chairperson; (b) a director other than the chairperson shall be deemed to be absent from his office if he is acting in the office of chairperson pursuant to paragraph (a) ; and (c) a director shall be deemed to be absent from his office if there is a vacancy in that office which has not been filled in accordance with clause 6 . (3) A person shall not be concerned to inquire whether or not any occasion has arisen requiring or authorizing a person to act in the office of a director, and all things done or omitted to be done by that person while so acting shall be as valid, and shall have the same consequences, as if they had been done or omitted to be done by that person. 5. Vacation of office (1) A director shall be deemed to have vacated his office – (a) when he dies; (b) if he becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his creditors, or makes an assignment of his remuneration or estate for their benefit; (c) if he is absent from 3 consecutive ordinary meetings of the Board of which reasonable notice has been given to him, either personally or in the ordinary course of post, unless on leave granted by TDR or unless, before the expiration of 3 weeks after the last of those meetings, he is excused by the Board for his absence from those meetings; (d) if he is convicted in Tasmania of a crime or an offence which is punishable by imprisonment for a period of not less than 12 months, or if he is convicted elsewhere than in Tasmania of an offence which, if committed in Tasmania, would be a crime or an offence so punishable; or (e) if he resigns his office by writing under his hand addressed to the Governor and the Governor accepts the resignation. (2) The Governor may remove a director from office if the Governor is satisfied – (a) that TDR has failed to perform a duty arising from a statement of policy objectives given to it by the Minister under section 11 (1) ; or (b) that it is necessary or desirable to do so in order that TDR may achieve its objectives. (3) The Governor may remove a director from office for misbehaviour or incompetence or if the Governor is satisfied that the director – (a) has participated, or has claimed to be entitled to participate, in the profit of, or in any benefit arising from, any contract made by, or on behalf of, TDR other than a contract for a service ordinarily supplied by TDR, on the same terms as that service is supplied to other persons in the same situation; (b) has voted at any meeting of TDR in respect of any matter in which he was at that time interested (otherwise than as a member of the public or as an elector of, or ratepayer to, any municipality, or as a shareholder in a company in which there were at that time more than 20 members and of which he was not at that time a director or officer); or (c) is unable to perform adequately the duties of his office. 6. Filling of casual vacancies On the occurrence of a vacancy in the office of a director of the Board, the Governor may appoint a person nominated by the Minister to the vacant office for the balance of his predecessor's term of office. 7. Validity of proceedings, &c. (1) No act or proceeding of TDR or of any person acting pursuant to any direction of TDR is invalidated or prejudiced by reason only of the fact that, at the time when the act or proceeding was done, taken, or commenced, there was a vacancy in t